In a move that was aptly published through a tweet, Twitter CEO Jack Dorsey has officially handed the reigns of his company to his contemporary and CTO, Parag Agrawal.
The news broke this morning following speculation that Dorsey was preparing to move on from the role, while remaining CEO of Square.
In an official tweet, Dorsey said “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”
It remains to be seen where Dorsey will direct his efforts now that he has left Twitter behind. While the company founder is noted for his advocacy of cryptocurrencies and Bitcoin, it’s worthwhile to note that Agrawal is similarly interested in Web 3.0 technologies and has led Twitter’s Bluesky efforts to foster an “open and decentralized standard for social media.”
On his decision to leave, Dorsey further offered “Why not stay or become chair? I believe it’s really important to give Parag the space he needs to lead. And back to my previous point, I believe it’s critical a company can stand on its own, free of its founder’s influence or direction.“
Dorsey is set to serve out his term on Twitter’s board of directors until May 2022.
